Report of the president and
directors of the Alabama & Tennessee River Railroad Company to the
stockholders, of the operations of the company from June 1, 1864, to
March 31, 1866.

Office of the Ala. & Tenn. River R. R.
Company

Selma, April 21, 1866

***** The road is finished
and equipped from the city of Selma to Blue Mountain, in the county of
Calhoun, a distance of 135 miles, and in good running order. The
road-bed from Blue Mountain for 15 miles, via Jacksonville, in the
direction of Rome and Dalton, Georgia, with small exceptions, grading,
masonry, bridging, large brick depot building at Jacksonville, are
finished and ready for the superstructure. Of the road-bed from Blue
Mountain to Gadsden, on the Coosa river, a distance of 32 miles, the
first ten miles is, with very slight exception finished and ready for
the iron and ties. The heaviest and greater portion of the grading and
masonry is finished the remainder of the distance to Gadsden. From
Gadsden to Gunter's Landing, on the Tennessee river, a distance of 38
miles, the entire road-bed is graded by the Tennessee & Coosa
Railroad Company. In addition to this the company has a branch road,
grading and masonry finished five miles, commencing at Ashby Station,
49 miles from Selma, and running in the direction of the coal fields.
In addition to this the company has a branch road, grading and masonry
finished five miles, commencing at Ashby Station, 49 miles from Selma,
and running in the direction of the coal fields.

*****

Up to the 1st April, 1865,
when the city of Selma was captured, sacked, robbed, and burned by the
United States forces under the command of General Wilson, the running
operations and earnings of the road were eminently successful, and
yielded a handsome income.

Fiscal year ending June 1, 1864, the earnings
from transportation and shops were

$1,081,174.34

The expenses for that year were

437,696.20

Net earnings

643,478.14

From the 1st of June, 1864, to the 1st of April,
1865, when Selma fell, the earnings of the road for ten months
were

1,764,123.82

Expenses and outlays of all kinds were

1,065,858.11

Net earnings

698,265.71

***** The damages sustained
by the military may be enumerated as follows:

1. The total destruction of our depots,
offices, cotton warehouse, round-house for engines, foundry and
machine shops, all machinery and tools in Selma.

2. The destruction of six important Howe's
truss covered bridges.

3. The destruction of nearly all the
trestle bridging from Montevallo to Burnsville, and from Talladega to
Blue Mountain.

4. The destruction of a portion of our
track and iron, and depot buildings, platforms and offices at
Randolph, Montevallo, Talladega, Munford, Silver Run, Oxford, and Blue
Mountain.

5. The destruction of seven locomotives
and -- box, flat and passenger cars, some few water tanks, -- cords of
wood, and -- cross-ties.

The road was in full
operation until the latter part of March, 1865. The United States
forces then swept over it, from Columbiana to Selma, seventy-two
miles, destroying the iron-works, foundries, rolling-mills, limekilns,
and the road as above stated, while a detachment of the same force
inflicted a like damage on the road from Talladega to Blue Mountain, a
distance of twenty-five miles.

The effect of this was the
total suspension of running operations over two months, and the
destruction of its main sources of business, while the company was
left absolutely without means, business, or revenue. *****

Since the last annual report,
Captain C. E. Thames, one of the directors, resigned and moved to
Mobile. Colonel P. J. Weaver, who has been one of the board of
directors of this company ever since its organization, in November
last, died. Colonel Weaver was one of the largest stockholders
connected with this company. He contributed largely in money and
devoted much of his time to this enterprise. His immense wealth and
credit placed it in his power to render great service to the company.
He was frequently called upon to indorse paper for the company, which
he did, and his name was a pillar of strength to the company. The loss
of such a friend to the road is muck regretted and lamented by his
associates in office. We regret the loss of the services of Captain
Thames. He had been in the board about two years, and during that time
his great business capacity and tact were very valuable to the
company. The eminent services of such men cannot be too highly
estimated for any public enterprise.